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this administration, under republican administration. >> reporter: experts warn of serious damage to the economy if the standoff drags on. >> if three or four weeks from now they're making no progress at all, you're going to see the anxiety and the nervousness growing both in the markets and in corporate boardrooms. it's going to be a rough two months for the u.s. economy. >>> two weeks after the destruction from hurricane sandy, victims are still trying to put their lives back together. more than 100,000 homes and businesses in new york and new jersey are without electricity as they struggle to rebuild. a 77-year-old man has died of injuries from a fall as sandy hit new york, bringing the city's death toll to 43. janet napolitano visited with disaster relief victims. >>> now for a look at your weather, here's bill karins with a weather channel forecast. very good morning to you. >> have a good weekend? >> i did. it was nonexistent. i'm just kidding. it's coming up, actually. so it's okay. >> i understand that. some of us work weekends every now and then. here's what we're looking at today. big
is the wrong prescription given where our economy is. >> is it on the table to talk about -- >> i made clear yesterday that raising tax rates is unacceptable. and, frankly, it couldn't even pass the house. >> at issue here, a perfect economic storm that could have serious consequences. nbc's andrea mitchell breaks it down for you. >> reporter: the campaign was tough. victory is sweet. now comes the hard part. >> on january 21st, 2013, there's going to be a massive fiscal cliff of large spending cuts and tax increases. >> reporter: so what exactly is the fiscal cliff? it's a nightmare combination of tax hikes and spending cuts that congress and the president agreed to to force themselves into a compromise, but so far they haven't agreed on anything. so barring a last-minute fix at the stroke of midnight on new year's eve the bush tax cuts expire, the alternative minimum tax kicks in, more than half of all married couples with two children would owe and additional $4,000 in taxes a year. for those with three or more children that jumps to $4700. on top of that, the 2011 temporary payroll tax c
that japan's economy saw its first retraction renewed fierce that the economy may be headed for reception. >>> good news for greece, a 2013 austerity budget was approved. >>> elsewhere, apple and taiwanese smart phone maker htc settled a patent bat wl a ten-year licensing agreement. meanwhile it looks like ticketmaster is about to see a major threat to the share of the market thanks to a partnership between stubhub, paypal and aeg. >>> believe it or not, thanksgiving is less than two weeks away. so how much does it cost to host the big day? a new survey finds it will run you about $246 this year. but it looks like more people may skip seconds to get a head start on black friday shopping. toys "r" us is the latest store to announce it will open at 8:00 p.m. on thanksgiving day along with walmart and sears. >>> coming up, a massive explosion roxanne indianapolis neighborhood, plea deal time for congressman jesse jackson junior, plus your nfl highlights. those are straight ahead. you're watching "early today." >>> other stories making news "early today" in america now. we begin with what cou
a slowing economy and demand for change. >>> next to colorado, where a hearing today for james holmes, the man accused of killing 12 people and wounding dozens more in a movie theater, has been delayed because he was hospitalized. holmes reportedly ran into a jail cell wall and jumped off his bed, but there are no details about his condition. >>> well, fiscal cliff fears hit wall street wednesday. but today, bad news could come from overseas. the 17 countries that make up the eurozone are back in recession after its economy contracted for a second straight quarter. the wider eu, however, avoided the same fate, thanks mostly to last summer's olympics boost. >>> back on the street yesterday, selling picked up during president obama's media briefing about those upcoming tax cut negotiations. and today, we'll see the impact the fed has. chief ben bernanke speaks this afternoon. >>> before the bell this morning, walmart reported earnings that beat the street's estimates. retail sales dropped in october after three months of gains. >>> later today, bp is expected to announce it will pay the
here and the real work begins starting with the economy including that fiscal cliff that you mentioned, taxes and budget problems that could kick in by the end of this year. >> i am looking forward to reaching out and working with leaders of both parties to meet the challenges we can only solve together. >> reporter: fresh off his election victory, president obama's already been on the phone with top democrats and republicans in congress urging them compromise before america falls off the fiscal cliff. what's that? long-term unemployment benefits and the 2% payroll tax cut expiring. a big cut in medicare payments. and your taxes going up january 1 if congress doesn't act. plus, another $500 billion in cuts at the pentagon. boeing, the military's second largest supplier, already announced a second round of executive layoffs. >> nobody wants to see this fiscal cliff without a deal because the cuts are severe and the tax increases are severe and so we've got to find a path forward. >> reporter: on capital hill leaders signalled compromise. >> compromise is not a dirty word. i want to work
Search Results 0 to 7 of about 8 (some duplicates have been removed)